Stash Hotel Rewards awards five points for every dollar spent at a collection of around 200 independent U.S. hotels. Among them: The James New York, O Hotel in Los Angeles, Gateway Canyons Resort in Colorado, and the Viceroy Miami.

Because the hotels are independents, the program won't be able to feature the system-wide bonus offers travelers have come to expect from the major chains' programs. But there are plenty of hotel-specific promotions on offer from various participating properties.

On the redemption side, there are no blackout dates and award prices are set dynamically, rising and falling with market rates. According to Jeff Low, Stash's founder and CEO, members generally earn a free night after every 12 to 15 paid nights.